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Archive for the ‘Cyprus’ Category

8 years ago Agios was born and with it a raft of new concepts that have become mainstay features on many cyprus villas websites.

From virtual tours, interactive google maps to better photos, users enjoyed a better experience online.

What we are now in the process of cooking up in the lab will not be so easily replicated by competition websites, the aim of this tool is to make our villas in cyprus website a completely different user experience altogether.

We are about to launch our first mobile application that will give customers one of the most powerful tools out there to find places of interest, restaurants and reviews, point to point driving directions, distances, golf booking functionality and a plethora of other features that amount to customers having a panel of experts on cyprus, right on their mobile devices.

Welcome to another future.

Getting your hands on 6 bedroom villas in cyprus when taking a holiday to the island is akin to finding snow in africa, rare but happens. When you do find a villa with 6 bedrooms however, generally speaking, you have something that is of a fairly high standard. Agios does enjoy having a presence on Aphrodite Hills as the 6 bedroom villas on this resort are magnificent. Boasting new build, contemporary design, sea views and easy acccess to amenities, these villas are quite literally the creme of the crop. The really great thing about these villas is that they are very economical per head, much cheaper than a hotel. Another handy thing is theu are great for geoups attending weddings in cyprus Indeed many of the customers we have staying with us in these larger villas often return to the island regularly. These holidays appear to create a good villa experience for customers, and we hope you will enjoy a similar experience too.    

It is very easy to pass by the cultural places to visit inCyprusdue to the beautiful beaches, hot climate and many dining and clubbing venues and also many leisure facilities.  Cyprus is full of wonderful and interesting history and for those who can take a little time out to visit these places you will be very surprised just how much the culture, artefacts and monuments will take your breath away.

NICOSIA (Lefkosia)  The Capital Of Cyprus

• CyprusMuseum
• St. Johns Cathedral
• Venetian Walls
• Laiki Geitonia
• Handicraft Centre
• LeventisMuseum
• The Archbishopric

Limassol ( Lemesos)

• Limassol Castle
• Kolossi Castle
• Municipal Gardens and Museum
• Temple of Apollo
• Ancient Amathus
• Phassouri Vineyards
• Cyprus Wine Museum

LARNACA (Larnaka)

• Church of St. Lazarus
• The Salt Lake
• LefkaraVillage
• Pierides Museum
• Church of Panagia Angeloktisti
• KornosVillage
• Stavrovouni Monastery
• Choirokoitia Neolithic Settlement
• Hala Sultan Tekke

PAPHOS (Pafos)

• The Harbour
• The Castle
• Tomb of the Kings
• TempleofAphrodite
• Paphos Forests
• St Pauls Pillar
• The mosaics – Petra tou Romiou

FAMAGUSTA

• AgiaNapaVenitian Monastery
• SeaCaves-CapeGreko
• AgiaNapaHarbour
• Paralimni old shopping centre
• Thalassa Museum

And of course not forgetting the truly amazing Troodos Mountains where you will see the whole ofCyprus and meet some very culture and historcail villages upon the way.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 22ND NOVEMBER 2011

Lane 1 – This lane is the lane to the far left. It is used to drive as normal as you would on any road or highway. National speed limit applies.

Lane 2 – This is the middle lane on a 3 lane highway. This lane is used to overtake cars in lane 1.  This lane is not to be used to drive normally for long distance. It is used only for over taking and then you must manuver back into lane 1.

Lane 3 – This is predominatly called the fast lane. It is used for over taking cars that are going at a slower pace in lane 1 and 2.  It is also used for when there are traffic queues to overtake in a bid to ease conjestion. This lane is again only used for over taking as in lane 2 not for normal driving as in lane 1.

DO NOT

Do not stay in lane 2 and 3 all the way to your destination these are for overtaking only to ease congestion.

If someone is driving too slowly or using lane  3 as their normal driving lane do not overtake by going into lane 2 on the inside  this is very dangerous. It is better to indicate with your lights that they must manuver  to lane 1 or 2 in order for you to overtake.

Do not drive to slowly on a motorway even in lane 1 there is a national speed limit which not only applies to speed but also to lack of speed. The speed limit is 100kilometers even if you are driving in the fast lane.

If you require further information on how to use the highway look this up on the internet or visit your local police station.  For citizens travelling on the new 3 lane motorway in Cyprus they have been given a 2 week grace period anyone caught not abiding by national motorway laws will be penalized in accordance with Cyprus laws.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 18^TH NOVEMBER 2011.

A&G Kouzali Cypriot Lawyers – Review – Weaving In Cyprus

Weaving was very popular back the day but as time passes and the generations become more engrossed with technology the Cyprus old traditions have sadly lost there way. Plus with cloth becoming so cheap to import weavers quickly became a thing of the past and the skill to weave was also lost.

You used to find weavers in every village in Cyprus weaving away on the old traditional weaving machine making many beautiful and useful cloths now it is very far between and mainly just for tourist attraction. It is also very hard to find the old weaving machines called ‘looms’ except as we said for tourist attraction.

Nicosia and Famagusta were very famous for weaving silk and this was exported internationally through the port, also Lapithos was very popular for weaving silk found near Kerynia this was many years ago. This Cypriot tradition eventually lost its way in the 20th century when eastern countries began to offer expert silk at very low prices.

You can find in Strovolos Nicosia a workshop operated by a certain gentleman wanting to keep the tradition alive and even revive the tradition and he goes by the name of Rolandos Loucaides.

Mr Loucaides studied the whole weaving mechanics, purchased a loom that was still in perfect working condition and away he went. further studying the techniques and fabrics and bringing back to life the hand woven Cyprus clothes which can be found hanging in the shop window and all around his shop.

This is a definite place to visit when you are in Nicosia for locals and tourists. we should all visit such places and show our support in keeping such important Cypriot culture alive. Not only is it very interesting but you will also find some really traditionally and unique beautiful pieces to definitely be treasured.

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 24TH NOVEMBER 2011.

Cyprus Law Firm – Review – Cyprus Wine

Wine producing inCyprushas been in operation since the island was born.Cyprusis in the top 40 countries for wine production and produces 40,000 tons of wine every year.

The first commercial wine company was formed in 1844 this was when residents actually decided to make revenue from the wine before hand it had been made for local use only.  The company was called ETKO.  Since then the wine industry expanded and there were 4 main wine producing companies inCyprus. ETKO, LOEL, SODAP and KEO.

From the past years export of wine became big revenue for theCyprusIslandand smaller wineries began to emerge. Of course as time passed and new laws come into action and with accession in to the EU many things have changed.

Many positive things have happened for the wineries and many new wines have been and still are being produced to be recognised on international levels.

Cyprus is now a well known wine producing country producing top quality wine and the many vineyards scattered around Cyprus and the wineries themselves where visitors can visit for wine tasting tours are an absolute treat.

The wine industry inCyprusis so popular now thatCyprusholds wine festivals where many nationals from all over the country come to visit and wine tasting competitions take place inCyprusand internationally.  The EU now helps 122 wineries inCyprusto harvest their produce that’s how far the wine industry has come inCyprusand evolving everyday.

You can also visit theCyprusWineMuseumwhich is a fantastic day out for all the family where you can taste some of the most famousCypruswine and learn all about the wine industry spanning back over 5 decades!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 24TH NOVEMBER 2011

Lawyers in Famagusta – Reviews – Cyprus Forst 3 Land Motorway

Cyprus offcially has its first completed 3 lane highway accommodating thousands of cars each day travelling into Nicosia.  However, citizens do not actually know how to use a highway.

This is quite funny when you think we are in the 21^st Century!

The 3 lane highway has taken little under 2 years to complete and was devised to help the long queues of traffic travelling into the islands capital everyday.  Previously  it would be very common to sit in queues for quite awhile and now hopefully the highway will prevent this.  The main reason for this new highway is the hope that it will cut down the amount of road traffic accidents. This wont take affect until citizens actually know how to use it properly.

The police however, have issued a warning to car travellers to do their homework on how to use a motorway as they are only allowing a 2 week grace period for those who are not using it correctly.  Anyone  caught not using the highway correctly after the 2 week period will be penalized in accordance with the traffic laws.

To be fair the UK has had motorways since before time and people still dont know how to use them so for the Cyprus Island to get used to it in 2 weeks is asking alot. It is very simple to use but some travellers either one can not be bothered and drive how they like or two really do not know and drive where they feel more comfortable.

The new motorway starts from the Larnaca/Limassol highway connect straight through to Nicosia.  The whole project costed around over 30 Million euros and was actually completed beofre schelue wow thats a first also for Cyprus!

Congratulations for the first 3 lane motorway in Cyprus!

Check out our article on how to safely and correctly use the new 3 lane motorway.

 

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 18^TH NOVEMEBR 2011

Lawyers inCyprus- Review -CyprusDeficit – Completed on 21st November 2012

It is thought very unlikely thatCypruswill reach the EU directive on the country’s deficit in the given timeframe.  This means further sanctions and more pressure on the public to cover the sanctions we are sure about that!

The targeted percentage to reach by 2012 is below 3% however thoughts are we will be lucky to see below 5% which could means instant fines toCyprus.

Austerity measures proposed have been repeatedly discussed and rejected and the government have yet to agree on such austerity measures that will help the deficit.  Very little has been done to cut expenditure especially when it comes to the state payroll its self.  And who will this fall on the public!

The government are now on a tightrope to secure tough austerity measures to make sure the deadline and targeted percentage are met.

Its is all fine and dandy the EU forcing states to make sure this happens but by enforcing more sanctions as we have said before only bears more pressure on us the tax payer.  Can the EU not add a clause with the sanction that the public must not pay for the governments mistakes and the government must carry the burden alone…yes this is a dream of course!

It is thought that 2013 will be the year to see positive growth whereas 2012 will remain stagnant and the key to keeping 2012 turn into a negative year will be the hope of another good year for tourism.  The rise in VAT to 17% if passed is expected to see the country’s deficit drop 1% which is a big figure so doubt this will be rejected.

Well all we can say is 2012 will be a hard year for the Cyprus public if such harsh austerity measures are needed to avoid an EU bailout but will it be such a hard year for government staff members lets wait and see?

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21ST NOVEMBER 2011.

Law firm on the East Coast Cyprus – Review – UK Financial Crisis

If we think we have it bad inCyprusmaybe we should take a trip to theUKand see how bad they have things at the moment.

When the government inCyprustalks about new austerity measures they have maybe a 2-3 year plan in mind.  But theUKis talking about a 10 year plan. We always think the grass is greener but is it really?

The UK nationals already give 50% of their salaries to the government, They pay poll tax, they pay tax on the weight of their rubbish the dustbin men take away, they pay TV licence fees, infact as soon as you buy a new TV in the UK your name and address must given to register the new TV with the licensing office.

Banks are pretty much in the same boat asCyprus,Britainused to offer high loan to value mortgages those days are very much a thing of the past and mortgages are very hard to come by. Therefore getting on the property ladder unless you are a cash buyer is virtually impossible.  The only reprieve the housing market has is the given tax advantages of renting out theUKproperty

The list goes on and on.  Employment is strife in theUK, many are homeless and even though they have stricter laws, drugs, guns and gangs are the norm. So once again we reiterate is the grass really greener on the other side?

It is thought that a 10 year austerity plan will benefit Britain a lot more than a short sharp austerity plan so UK nationals I don’t know what the government can actually now tax you on as it seems they get the majority of your cash already but it seems you have a long 10 years a head of you!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28TH NOVEMBER 2011.

Lawyers inFamagusta- Review – 20/20 Youth Federation

Efforts for reunification of the Cyprus Island are taking place throughout the younger generations in a bid that they will actually influence their elders and the politicians.

This is a great idea…Where better to start! The younger generation are the future and they are the ones we must educate from early to stop those taking already very set views from the older generation.

Feelings inCyprusare very mixed. The older generation of Cypriots that lived through the Turkish invasion find it very hard to naturally digress.  Their experiences of themselves and their parents through this time are concrete in their memories but the younger generations have fresher memories and only hear second hand so there is more of chance that feelings on the situation can be overcome!

An event recently took place from young individuals from both sides of theIslandnamely the 20/20 youth conference. The event gives all the youngsters the opportunity to work peacefully together and put forward their ideas for a harmonious reunification.  There were 3 different workshops which allowed them to create posters and videos and declarations which can be used to promote the islands reunification.

The project is organized by both Greek and Turkish Cypriot volunteers of which will be a continuous project and we hope it will bring many more of the younger Greek and Turkish Cypriot generation together and further the relationship island wide between the two sides.

As we have said before it is in the peoples hands more so than the politicians.  The politicians deal with the formalities the people deal with the realities!

PUBLISHED BY A&G KOUZALI LAW OFFICE ON 28TH NOVEMBER 2011.

Famagusta Lawyers – Review – Energy costs affecting Christmas

We have Christmas round the corner once again and sorry to say this year may not be so bright and festive. Why is this?….simply because the cost of energy in Cyprus will make many companies and households think twice about using such high amounts of power.

How sad have things become here that we are now having to cut down on Chrsitamd lights to save on electric bills.

On the good side citizens are also taking into consideration the energy saving factor not just relating to financial costs but also to the general energy saving issue. Especially after the Mari blast explosion.
Many municipalities are only decorating main buildings and many road sides will not be decorated as per usual. Many new types of energy saving lights have been bought. And some municipalities will have time restrictions.
Its a sad state of affairs when Chrsitams comes around and we have to think about energy costs instead of the festive season to be had. But thats how it is folks with regards to the electric here. Every mistake thats made comes to us through our electric bills.

Evem after Chrsitamd we are expecting another increase in energy costs thats a great start for the new year.

Wecan over come this by buying low consumption lighting and having them the lights on at the most convenient times of the day when they will be the most visable.
Many business owners are weary that not lighting up their business will drop the level of Chrsitmad spirit hence drop the level in comsumer activity.
This is a fact of life we just have to deal with at the moment until the government and departments get their house in order!
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 19TH NOVEMBER 2011.

For the purpose of raising revenues and decreasing government spending, the House of Representatives of Cyprus voted on the 26^th of August 2011, the following changes in the Tax and Company Legislation:

The Income Tax Law changes

• Abolition of exemption from taxation of the official emoluments and the pension of the President of the Republic and the pension of the President of the House of Representatives. Entry in to force: As from 1/01/2011.

• A new tax incentive has been introduced for the employment in Cyprus of persons who are not tax Residents of Cyprus: In such a case if the income from employment exceeds €100.000 per annum a 50% deduction is granted for such income for the first 5 years of such employment. This incentive is granted to anyone (Cypriot or non Cypriot) provided that prior to his employment in Cyprus this person was resident outside Cyprus and was not considered as a tax resident of Cyprus. Entry into force: As from 01/01/2012.

• A new income tax rate of 35% has been introduced for individuals on there taxable income in excess of €60.000. Entry into force: As from 01/01/2011.

The Special Contribution for the Defense of the Republic Law changes

• Increase in the rate of defense Tax on interest received by or credited to Cypriot Tax residents from 10% to 15%. This is applicable to both individuals and corporations provided this income is classified as interest. For more details as to when interest received or accrued is considered as trading income see the relative article on our website.

• Increase in the rate of defense Tax on dividends received or accrued or deemed to be received by a Cypriot tax resident from 15% to 17%. This applies only to individuals since generally companies are except from the defense tax on dividends. For more details as to the taxation of dividends see the relative article on our website.

• Both changes are effective as from 31/08/2011.

The Immovable Property Tax Law changes

• The rates applicable for the payment of the immovable property tax which is imposed on every person owning property in Cyprus have changed. The rates effective as from the year 2012 are as follows:

Up to €120.000                                  0%0

From €120.000 to €170.000           4%0

From €170.001 to €300.000           5%0

From €300.001 to €500.000           6%0

From €500.001 to €800.000           7%0

Over €800.000                                   8%0

It should be noted that the Tax is levied on the assessed value of the property as at 1/1/1980.

The Value Added Tax Law changes

• Individuals who buy or construct a flat or a house to be used as their private main residence are entitled to a reduced VAT rate of 5% on this residence provided the area of the property does not exceed 200 square meters. It should also be noted that the reduced rate of 5% also applies on the first 200 square meters if the total area of the property does not exceed 300 square meters.

The Companies Law changes

• As from 2011 an annual levy of €350 is introduced for all companies incorporated in Cyprus, payable to the Registrar of Companies. For groups of companies the maximum levy is fixed at €20.000.

• The levy for 2011 must be paid by 31 December 2011, whereas the levy for 2012 onwards must be paid by 30 June of each year.

• No annual levy is imposed for the year of incorporation.

• Dormant companies, companies which do not own any assets, as well as companies owning property located in the non Government controlled areas of Cyprus are exempted from the payment of the levy.

In case the levy is not paid in the prescribed period penalties are imposed .

Cyprus Corporate Services Multilysis Services Limited

Cyprus Lawyers N. Pirilides & Associates LLC

The natural gas conference held by the President of the Republic of Cyprus took place at the Presidential House. During the conference, the Minister of Finance, the Minister of Interior and the Minister of Trade & Agriculture participated. The conference took place due to the first drill scheduled to take place in the exclusive economic zone of Cyprus by the American based company called “Noble”.

After the conference, the President mentioned that “the conference addressed the attempts—as well as the acts of the Republic of Cyprus—in the exploitation of possible carbohydrate deposits in the ADZ of Cyprus.   Moving forward, the Republic of Cyprus has made a deal with the “NOBLE ENERGY” company to carry out the research.

President Christofias said that the agreements that Cyprus concluded with neighboring countries like Egypt, Israel and Lebanon, has favoured and assisted Cyprus attempts to explore the underwater wealth of Cyprus. , stressed the importance of these activities in the dealings between neighboring countries such as for the delimitation of the exclusive economic zone of our country.

The purpose of the drill is to confirm the existence of carbohydrate, as geophysical research has suggested until now. According to research, the possibility is really big. Apart from that, the drill will ensure the amount and the quality of the potential deposits.  In this way, the perspective and the possibility of extracting the underwater natural gas will be determined.

On the other hand, Turkey has expressed its interest in non-hostile relations with its neighbor countries.  In a meeting between EAC (Electricity Authority of Cyprus), Noble and Delek, the three companies expressed their willingness for a potential cooperation in the field of natural gas.  The meeting was just one of many between EAC and the two companies, which are becoming active in the field of excavation and trade exploitation of natural gas.

A relevant announcement mentions that EAC’s role is considered by both companies as very important, since EAC will be the most important and maybe the only consumer of this gas.

http://www.multilysis.com/

The re-domiciliation of these companies to the Republic of Cyprus can be effected under the Companies Law of the Republic of Cyprus, CAP 113 and more specifically under Article 354A of the Law.

The procedure of re-domiciliation of a foreign company to Cyprus is as follows:-

An application is made by the foreign company in question to register in Cyprus.  This is then filed to the Registrar of Companies. The application should be accompanied by various corporate &/or legal documents which concern the foreign company.

Within six months from the date of issue of the certificate of temporary continuation, the company must submit to the Registrar proof that it has been “de-registered” from its transfer-out jurisdiction. The company is then issued with its permanent certificate of continuation.

A company which wishes to re-dominicilliate its registered office to Cyprus must apply to the Registrar of Companies in order to be granted with a ‘certificate of continuance’ in Cyprus.

MULTILYSIS SERVICES LIMITED has a long expertise in this area of corporate practice and can be of assistance. For more information & or enquiries, do not hesitate to contact us at info@multilysis.com.

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Letymbou 566 plot is situated in the rolling hills close to Letymbou, Polemi and Kallepia villages. All three villages are surrounded by green, luscious vineyards supplying the local award winning winery.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. These generous plots are located within walking distance of the village centre of Konia and within 5 minutes drive of Pafos town centre. Located in a quiet residential area the plots adjoin existing villa residences in a sought after area which is renowned as the preferred domicile for the white collar professionals of Pafos. The plots border the open countryside with views to the hills of Marathounda and Armou.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. This superbly disguised modern villa is the perfect solution for those wanting to own a traditional style Cypriot villa without the inherent problems which come with old properties. Styled in the traditional stone built fashion, Kathikas Villa has a full complement of modern building techniques and facilities. <BR><BR>Located close to the village of Kathikas, the villa is set in a large landscaped plot with unobstructed views of the rural countryside. A generous swimming pool is the focal point of the gar

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

On the 26^th of August 2011, the House of Representatives voted as a first package of measures a number of amendments to tax legislation for the purpose of raising revenues and decreasing government spending and for the objective entry into the support mechanism.

These changes relate to increasing various taxes, introducing a levy for all companies incorporated in Cyprus, as well as introducing and/or increasing contributions to pension schemes of government employees, local authorities and semi-governmental organizations, and introducing a special levy for two years on the salaries and pensions paid to government employees, local authorities and semi-governmental organizations.

In the next few months a second and probably a third package of additional measures is expected, which hopefully should focus on further reductions in government spending. The increase in the VAT rate from 15% to 17% is expected to be approved with the second package of measures.

The most significant changes in the tax and company legislation are set out below:

The Income Tax Law

• Increase in the maximum personal income tax rate to 35%

A new income tax rate of 35% is introduced for individuals on taxable income in excess of €60.000.

• Tax incentives for the employment in Cyprus of highly paid non Cypriot resident individuals

In order to encourage the establishment or development in Cyprus of new businesses, tax incentives are offered for the employment in Cyprus of persons who are not tax residents of Cyprus. In such a case, if the income from employment exceeds €100.000 per annum, a 50% deduction is permitted for such income for the first 5 years of employment. The incentive is granted both to Cypriots and non-Cypriots, on condition that prior to the employment in Cyprus, such a person was resident outside Cyprus and was not considered as a tax resident of Cyprus.

• Abolition of exemption from taxation of the President of the Republic and the President of the House of Representatives

The exemption from taxation of the official emoluments and the pension of the President of the Republic and the pension of the President of the House of Representatives is abolished.

• Entry into force

The increase in the personal tax rate will come into effect as from the 1^st January 2011, whereas the incentive for new employees will come into force for employments starting as from the 1^st of January 2012.

The Special Contribution for the Defence Law

• Increase in the rate of defence tax on interest from 10% to 15%

The rate of special contribution for the Defence of the Republic (“defence tax”) on interest received or credited by Cypriot tax residents is increased from 10% to 15%. This applies to both individuals and corporations.  In the case of corporations, if the interest results from the ordinary carrying on of any business, including any interest closely connected with the ordinary carrying on of the business, it is not subject to defence tax, but instead is subject to corporate income tax. Therefore, financing companies, including companies involved in intra –group financing activities, are not expected to be affected from the involved in intra–group financing activities, are not expected to be affected from the change in the rate. It should be noted that no defence tax is payable on interest payments to non residents. It should also be noted that this provision applies to interest received by resident individuals or corporations, both from sources within Cyprus and outside of Cyprus.

For provident funds, defence tax on interest received remains at 3%, as well as in the case of an individual whose total income for the year does not exceed €12.000 (including interest income). The same rate applies to interest received by an individual from Government savings certificates and developments stocks.

• Increase in the rate of defence tax on dividends from 15% to 17%

The rate of defence tax on dividends received by a Cypriot tax resident is increased from 15% to 17%. This applies only to individuals, since under the provisions of the legislation companies are generally exempt from the payment of defence tax on dividends.

The increase in the rate also applies when the deemed distribution rules ate applied in cases where a tax resident company does not distribute within two years at least 70% of its after tax profits.

It should be noted that no defence tax is levied on dividends paid to non-resident individuals or corporations. It is also noted that the deemed distribution rules are not applicable in the case where shareholders of a resident company ate non tax residents of Cyprus. However, the deemed distribution rules are applicable in the case of a Cypriot tax resident company owned by another Cypriot tax resident company, which in turn is owned by non residents. It is expected that shortly such companies will be included from the provisions of the deemed distribution rules, therefore there should be a significant benefit for such companies in case of inability to distribute an actual dividend.

• Entry into force

The above provisions will enter into force as soon as the new law is published in the official gazette of the Republic.

The Immovable Property Tax Law

The rates applicable for the payment of immovable property tax, which is paid by both individuals and companies on property owned in Cyprus are significantly increased, as well as the threshold as from which taxes are paid is lowered. It should be noted that tax remains levied on the assessed value of the property as at 1 January 1980. The rates are as follows:

Up to €120.000                                                  0%0

 From €120.000 to €170.000                           4%0

From €170.001 to €300.000                            5%0

From €300.001 to €500.000                            6%0

From €500.001 to €800.000                            7%0

Over €800.00                                                      8%0

The increase will be effective as from the year 2012.

The Companies Law

• As from 2011 an annual levy of €350 is introduced for all companies incorporated in Cyprus payable to the Registrar of Companies. For groups of companies the maximum levy is fixed at €20.000.
• The levy for 2011 must be paid by 31 December 2011, whereas the levy for 2012 onwards must be paid by 30 June of each year.
• Dormant companies, companies which do not own any assets, as well as companies owning property located in the non Government controlled areas of Cyprus are exempted from the payment of the levy.

In case where the levy is not paid within the prescribed period, if the levy is paid within two months from the due date, a penalty of 10% is payable which is increased to 30% if the levy is paid within five months from the due date. If the levy is not paid within five months, the Registrar of Companies will remove the company from the registry (something which is expected to restrict the company from filing documents or requesting certificates from the Registrar’s Office). The return of the company to the registry can be effected within two years with the payment of a levy of €500 per annum and thereafter with the payment of a levy of €750 per annum.

The Value Added Tax Law

Under existing legislation, individuals who buy or construct a flat or house to be used as private main residence ate entitled to apply for a refund amounting to about €17.000 from the Government. This provision is replaced with the introduction of a reduced VAT rate of 5% on the purchase or construction of a house or flat to be used as private main residence, provided the area of the property does not exceed 200 square meters if the total area of the property does not exceed 300 sq.m).

Cyprus Corporate Services Multilysis Services Limited

Cyprus Lawyers N. Pirilides & Associates LLC

Limassol has been selected to be within the list of the top 50 from 500 destinations in southern Europe.

As a representative from the Limassol, Municipality announced, Limassol was chosen to be included in the list of ‘Fifty (50) excellent destinations in Southern Europe due to Quality of Beaches for 2011’.

The research took place, under the Union’s initiative in relation to the Beach and sea Areas-EUCC of the European program on Quality Coast, in more than 500 international destinations in southern Europe.

Part of the above mentioned list of one of the‘ 50 excellent Quality Coast 2011 – of Southern Europe destinations’ – was Pafos and Kouklia, which are both considered, internationally, as one of the most attractive destinations for tourists who wish to enjoy the natural and cultural heritage, local identity and environment.

The Mayors of the city-destinations which were awarded the above mentioned awards, were invited to the International Ceremony and Laboratory Quality Coast in Cyprus, which took place on the 13th May, in the medieval castle of Kouklia near Afrodite’s rock.

During the ceremony, Professor Johan Vande Lanotte delivered the certificates and the relative flags to the Mayors.

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Russian President Dmitry Medvedev in his congratulatory message to Cyprus President Demetris Christofias for his 65^th birthday highlighted the importance of the intensification of Russian – Cyprus relations and cooperation.

The Russian President in his message, which can be found in the official web page of Kremlin, said accordingly “In Russia you are considered rightly as a sincere friend for our country and we attach a high appraisal for the years you contribute to the development of Russian-Cyprus relations.”

The Russian President continued and stated “I look forward that the confidential dialogue between the two nations will contribute in promoting a constructive agenda both bilaterally and on an international level” Further Dmitry Medvedev, added that he himself attaches a great deal of importance for the implementation of agreements between the two nations which were achieved in October 2010 as the culmination of the talks in Cyprus.

“As a matter of priority treated intensification of multifaceted and geared in future Russian-Cypriot partnership”, says Russian President concluding that he is convinced that the further dynamic development of the relationship between the two nations meets the fundamental interests of  both the Russia and Cyprus people and serves towards the consolidation of regional and global stability.

Cyprus Lawyers N. Pirilides & Associates LLC - Cyprus Corporate Services Multilysis Services Limited

Cyprus Corporate Services Multilysis Services Limited –  Cyprus Lawyers N. Pirilides & Associates LLC

Tax chargeable on any supply of goods or services is a liability of the person making the supply. Taxable person is every person, natural or legal, resident in the Republic or abroad, who carries on a business and has registered as such in the VAT Register or he is liable to be registered according to the provisions of the VAT legislation.

The term “business” includes any trade, profession or vocation.

Employees or other natural persons who are bound to any employer by a contract of employment or by other legal relation, which creates relationship of employer and employee, are not considered to be carrying out an economic activity and therefore they are not considered as taxable persons.

In addition the VAT legislation provides that Governmental Authorities, Local Authorities and Public Authorities are not deemed to be taxable persons for the supplies of goods or services made by them in carrying out their mission. There are however some exceptions.

The supplies of goods or services made by a person who is not considered as taxable, are not VAT chargeable. On the other hand when this person buys goods or services, he is charged with VAT as if he was the final consumer.

VAT is charged on every taxable supply of goods or services that is on every supply of goods or services made within the Republic, by a taxable person in the course or furtherance of any business carried on by him.

As a general rule a supply of goods or services is considered to be taxable if made for consideration. Nevertheless, the Law provides that specific supplies are considered to be taxable even if made for no consideration.

The supply of any goods is treated as made in the Republic if the goods are in the Republic. The supply of any services is treated as made in the Republic if the person supplying them is in the Republic.

As an exception, the legislation provides that the supply of certain services should be treated as taxable even if made by a person who is in another country and received by a person who registered in the Republic.

Registration with VAT

According to the VAT legislation, every person making taxable supplies is liable to be registered in the following cases:

(i)                  At the end of any month, if the value of his taxable supplies in the period of one year then ending has exceeded €15.600

(ii)                At any time, if there are reasonable grounds for believing that the value of his taxable supplies in the period of thirty days then beginning will exceed €15.600.

A person who by virtue of (i) is liable to be registered, is obliged to notify the VAT Commissioner of his liability by submitting an “Application for Registration in the VAT Register” (Form VAT 101) to the local VAT Office, within thirty days of the end of the relevant month and his registration is effective as from the end of the month following the relevant month or from such earlier date as may be agreed between the person and the VAT Officer.

If a person is liable to be registered by virtue of (ii), he is obliged to notify the VAT Commissioner of his liability by submitting an “Application for Registration in the VAT Register” (Form VAT 101) to the local VAT Office, before the end of thirty-day period to which the liability arises and the registration is effective as from the beginning of this period.

Failing to comply, the person is liable to a levy of €85 for every month or part of month of the delay or refusal or omission. It is clarified that the liability of a taxable person to be registered exists whether or not he has submitted an application for registration. The VAT Commissioner is authorized by the Law to register a taxable person retrospectively, that is from the date that person was, according to the Law, liable to registration. If a taxable person liable to registration neglects to be registered, he is still liable to pay tax on all the supplies he made from the date he was liable to registration.
It is noted that persons making zero-rated supplies are also liable to be registered.

Entitlement to register

A person not liable to be registered is entitled to be registered in the following cases:

(i) Voluntary registration

If a person makes taxable supplies the value of which does not exceed the thresholds that would make him liable to be registered, then he is entitled to apply for voluntary registration by submitting an “Application for Registration in the VAT Register”.

(ii) Intending traders

If a person engages in a business and intends to make taxable supplies of goods or services, he is entitled to apply to be registered as intending trader by submitting an “Application for Registration in the VAT Register”.

The registration is effective from the date of the application or any other previous date as may be agreed between the VAT officer and the taxable person.
Additionally, farmers are entitled to voluntary registration, regardless of the value of the supplies they make in the period of one year, which consist of agricultural products of their own produce or agricultural services.

Acquisitions

Any person making acquisitions in Cyprus is liable to be registered:

(a)    at the end of any month , the total value of that person´s acquisitions from all other member States in the year beginning from 1 January has exceeded the registration threshold of €10.251,61; or

(b)   at any time that there are reasonable grounds to believe that the value of the acquisitions that person would be making in the following 30 days alone will be over the registration threshold of €10.251,61;

A person making acquisitions according to the previous paragraph is liable to notify his/her obligation to be registered on Form VAT 106. Failure to comply, renders the person liable to a levy of €85 for every month of the delay or refusal or omission.

Where the acquisitions of any person does not exceed the threshold of €10.251,61, then that person may register for making acquisitions in Cyprus voluntarily.

Distance Sales

Any person making distance sales (sales from a person established in another member State), is liable to register for VAT purposes in Cyprus and account for VAT in Cyprus, if in the period starting from the 1st January of the year, the value of distance sales exceeds €35.000. This person is liable to notify liability to register on Form VAT 105. Failure to conform renders the person liable to a levy of €85 for every month of the delay or refusal or omission.
There is also the right for voluntary registration when the threshold is not reached.

Obligations of person/s registered with VAT

According to the VAT legislation, every taxable person is liable, among others, to:

(i) Be registered if the value of taxable supplies of goods or services exceeds the thresholds as set by the VAT Law.

(ii) Notify their liability to be registered within 30 days of the date that the liability emerged.

(iii)Notify the termination of taxable supplies or of the intention to make taxable supplies within 60 days of the date of the termination.

(iv)  Pay a levy of €85 for every month or part of month of the delay or refusal or omission to comply with point (i) and (ii) above and €85 for the delay or refusal or omission to comply with point (iii) above.

(v)   Submit tax declarations not later than the 10th day following the end of the month following the end of each tax period.

(vi)  Pay the tax due not later than the 10th day following the end of the month following the end of each tax period.

(vii)Pay a levy of €51 for the delay or refusal or omission to submit a tax return.

(viii)    Provide other taxable persons with tax invoices.

(ix)        Retailers must issue a tax invoice, if the customer is a taxable person and asks for one and if the consideration exceeds €85.

(x)        Issue tax invoices at the prescribed time.

(xi)       Pay any amount that has been assessed or reassessed by the VAT Commissioner.

(xii)     Produce certain documents relating to input tax upon request by the VAT Commissioner.

(xiii)    Give such amount of security, upon request by the VAT Commissioner, for that amount of tax payment.

(xiv)   Not make any taxable supplies, if the VAT Commissioner requires so, unless the taxable person furnishes the VAT Commissioner with any form of security for securing payment of the tax concerned.

(xv)      Pay any amount that has been charged as VAT on an issued invoice.
(xvi) Pay an additional levy equal to 10% of the amount which the taxable person neglects or refuses to pay.

(xvi)   Pay interest at 9% in cases where the taxable person continues to neglect or refuses payment of any amount due after 30 days.

(xvii)  Keep books and records for the purposes of verifying the supplies of goods or services which the taxable person makes or receives.

(xviii)Provide every facility that may be required by the VAT Commissioner for the purpose of examination by any person authorized by the VAT Commissioner of any books and records.

(xix)   Preserve books and records for at least seven years, unless the VAT Commissioner fixes otherwise.

(xx)     Pay a levy of €85 for the omission to comply with the above – points xix and xx.

(xxi)   Notify the VAT Commissioner of such facts and information in respect of any change or alteration of circumstances and conditions of the business.

(xxii)  Furnish to the VAT Commissioner such information relating to the goods or services or the supplies of goods or services or importation.

(xxiii)Produce for inspection and search at such time and place as may be reasonably required any documents relating to the business.

(xxiv)                   Pay a levy of €85 for the omission to comply with the above – points xxiii – xiv.

(xxv) Provide samples of goods to enable the correctness of their tax treatment to be examined.

VAT on imported goods

VAT is charged on all imported goods regardless of the importer being a taxable person or not.  In the importation of goods of goods, VAT is considered to be an imports duty and is charged as if it were a duty of Customs.

In certain cases, the importation of services, that is the supply of services from abroad to Cyprus, is treated as a taxable supply of services made by the recipient, if he is a taxable person.

Tax returns, tax payment and credit

Every taxable person is liable to submit Tax Declarations and pay the tax that may be due, usually every three months. Tax declarations relate to certain tax periods that are made known to the taxable person at the stage of his registration. The VAT Service dispatches tax declarations to the last known address of a registered person. The liability to submit tax declarations exists regardless of the relevant form being received or not by the taxable person. Thus, if he has not received it on time, he should contact the VAT Office of his district and ask for the form to be reissued.

On the tax declarations, taxable persons calculate their output tax (the tax on supplies of goods or services they made during the relevant tax period and the VAT calculated on the acquisition of goods from other member States).

Books and records to be kept

According to section 43 and the Tenth Schedule of the VAT Law, every taxable person must keep books and records and preserve them for at least seven (7) years after the completion of the entries or deeds written therein, unless the VAT Commissioner, by relevant notification to the person concerned, fixes otherwise. Every taxable person has to keep books and records of all the taxable supplies of goods or services he makes or receives for the purpose of his business and for intra-community transactions he makes. Books and records must be kept up-to-date, with adequate information and in a manner that enables taxable persons to use them to calculate the payable or claimable amount of tax and fill in tax declarations. Books and records must also be kept in a manner that VAT officers can easily examine them in order to verify VAT declarations but this manner should not be contrary to business practices. In addition VAT legislation provides for special arrangements concerning keeping books and records in connection with the special regimes i.e. Retail Schemes, Profit Margin Schemes etc.

Taxable persons must keep and preserve the required books and records at the premises of the business.

Relevant to the above is chapter VIII of the VAT Guide, information leaflet 10 and information leaflet 12A on the Margin Scheme for Tour Operators published by the VAT Service.

VAT Invoice

As a general rule, every registered taxable person

- who makes taxable supplies of goods or services to other taxable persons in Cyprus
- makes a supply of goods or services, other than an exempt supply, to a person in another member state

- receives a payment on account from a person in another member state for a supply that he has made or intends to make,

 is required to provide them with VAT invoices.

This obligation does not apply if the supply involved is:

- zero-rated;

- made for no consideration;

- made by a taxable person that uses the Profit Margin Scheme.

Registered retailers may issue the “retail invoice”, if the customer is a taxable person and asks for a tax invoice, provided that the consideration is below €85,43.

Foreign enterprises doing business in Cyprus

If a trader is not resident in the Republic – in the case of a natural person or the legal person is based abroad – carries out a business in Cyprus and is liable or entitled to registration in the VAT Register of the Republic, the VAT officer may appoint a person who is resident in the Republic and is recommended by the trader, to act on behalf of the trader for VAT matters (a VAT representative) or require security for the protection of public revenue.

It should be noted that for persons resident in another member state or legal persons incorporated in another member state, there is no obligation to appoint a Vat representative.

Cyprus Corporate Services Multilysis Services Limited –  Cyprus Lawyers N. Pirilides & Associates LLC

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Iris Cottages 2 is a charming development that reflects Pafilia's ability to combine quality affordable homes, with stylish modern architecture. In a similar design to the extremely popular Iris Cottages, this unique development consists of two and three bedroom terraced houses.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

ZERO-RATING OF INTRA-COMMUNITY SUPPLIES

Prior to 1st May 2004 all exports of goods to destinations outside Cyprus, qualified for the zero rate of VAT.  This continues to be the case for exports to countries outside the EU.  However, under the EU VAT arrangements, as from that date a Cypriot trader registered for VAT may zero-rate the supply of goods to a customer in another Member State (MS) provided that:

-The customer is registered for VAT in the other MS,

- The customer’s VAT registration number is obtained and retained in the supplier’s records,

- This number, together with the supplier’s VAT registration number is quoted on the sales invoice,
- The goods are dispatched and transported to the other MS,

- The supplier retains appropriate commercial documentary evidence that the goods have been removed from Cyprus,

- The supplier submits the Recapitulative Statements to the VAT Service.

PURPOSE OF THE VIES SYSTEM

VIES (VAT Information Exchange System) contributes to the effectiveness of this new VAT regime and provides a mechanism for preventing and deterring of the abuse of the VAT zero-rating provisions on intra-community trade of goods and detecting unreported movements of zero-rated goods between MS. An integral part of the system is a requirement that each MS must store and process specific information which it collects from its traders about their supplies to other MS.

OBLIGATIONS OF TRADERS UNDER VIES

Under the EU and the national legislation regulating VIES, any VAT-registered person who supplies goods to a VAT-registered person in another MS has to submit the Recapitulative Statement declaring all the intra-community supplies made during a calendar quarter. The Statement must be submitted to the VAT Service until the tenth day of the second month following the calendar quarter to which the statement relates. If a person fails to comply, this person is liable to a penalty of fifty one euro (€51) for every month of non-compliance, the maximum being three months. Non-compliance that continues after the three months constitutes a criminal offense and a convicted person may incur an additional fine of up to two thousand five hundred sixty two euro (€2562).

Moreover, the relevant legislation provides that the submitted Recapitulative Statement should not be incomplete or contain inaccuracies, such as wrong VAT numbers of the customers in other MS. If a submitted Recapitulative Statement is incomplete or contains inaccuracies, the taxpayer should submit a corrective statement within two months following the calendar quarter to which the Recapitulative Statement relates. In opposite case, a penalty of fifty one euro (€51) is imposed.

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Legal basis

• The Customs and Excise Duties Law of 2003 no. 224(I) of 2002, Section 17.
• The Customs and Excise Duties (Relief on Imported Goods) Regulations of 2004, P.I. 380/04, Regulation 13.

The relief regime from import and excise duties for goods imported for use by offshore companies or their expatriate personnel has been terminated since 31 December 2003.

Motor vehicles under relief

In spite of the fact that the relief regime for offshore companies has been abolished, as mentioned earlier, entitled offshore personnel reserves the right to continue to possess a duty free vehicle which has been registered in their name prior to the 31st March 2003 in cases whereby they:

• change employment to another entitled offshore company;
• continue their employment in the same entitled company, which has extended its activities into Cyprus and has chosen to be taxed in accordance with the provisions of section 46 of the Income Tax Law, under the normal corporate tax rate;
• change employment to another company which was entitled to relief but has elected to be taxed in conformity with the provision of section 46 of the Income Tax Law, under the normal corporate tax rate.

In case of disposal of the vehicle, the provisions of Regulation 12 of the Customs and Excise Duties (Relief on Imported Goods) Regulations of 2004, P.I. 380/04, will apply

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Recently there have been amendments in 3 statutes namely the (1) Town and Country Planning (N.90/72), (2) the Streets and Buildings Regulation (Chapter 96), and (3) the Immovable Property (Chapter 224) (Tenure, Registration and Valuation) Laws (hereinafter collectively called “the Planning Amnesty Amendments”).

The Planning Amnesty Amendments came into force on 8.4.2011. Their aim is to simplify the procedures regarding the legalization of irregularities and ultimately the issue of updated title deeds.

For the first time a purchaser (apart from the registered owner) has the right to activate necessary procedures for the legalization of the development or for the issuing of title deeds. Where the registered owner seems to be reluctant or unwilling to unwilling to apply for a certificate of approval or to legalize the building, the Authorities are empowered to impose considerable administrative fines. It is advisable that the statements of intent or planning applications are submitted jointly by as many co-owners as possible.

Therefore an owner and/or purchaser of immovable property unit with irregularities and no separate title deed may:

1. Apply directly for the issue of separate title deed, without prior legalization of the irregularities. This means that the title deed shall be subject to the said irregularities, if any, or

2. Apply for the legalization of the irregularities prior to the issue of title deed. With this way there will be no irregularities registered on the title deed.

A fixed three-year period, expiring on 7.4.2014, is defined, for the submission of applications making use of the Planning Amnesty Amendments. However if a purchaser wishes to legalize irregularities, he/she must submit a Statement of Intent the latest by 7.10.2011

Issue of Title Deed (without prior legalization)

The legality of the building is no longer a prerequisite for the issuing of an updated title deed. Thus title deeds can be issued, despite any building irregularities, provided that an application is submitted to the Building Authority, together with an accurate description of the building as well as any irregularities that may appear, in comparison to the building or the planning permit issued.

Following the said application the Building Authority shall issue:

1) a certificate of approval (in case the building was constructed in accordance with issued permits) or

2)   a noted certificate of approval (where the deviations shall be described)  or

3)  a certificate of unauthorized operations (in case of substantial irregularities in relation to the permit)

The Building Authority may issue a certificate of approval, even if a planning permit or a building permit has expired. The certificate of approval has the effect of a building permit.

The Building Authority shall send all the relevant information to the Land and Surveys Department in order to obtain a title deed with or without notes or with prohibition of transfer and burden.

It should be noted that the updated title deeds are issued in the name of the original owner, and not in the name of the purchasers. The Authorities involved in the procedure do not have the power to transfer property rights to purchasers, without the owner´s consent. However, it is of crucial importance, that separate title deeds are issued for individual units of a larger development, as this facilitates significantly the purchaser to invoke the right of specific performance of the contract of sale, through action taken in the Courts, against the vendor. The transfer of property to purchasers is performed by the registered owner, either voluntarily, or by an Order of the Court, issued at the request of the purchaser.

Legalization of Irregularities (prior to issue of title deed)

If a purchaser wishes to legalize any irregularities, he/she must submit to the ministry of interior a 2-page Statement of Intent the latest by 7.10.2011. The said Statement contains general information that is necessary so as to ensure that the irregularities existed on April 8, 2011, and is attested by an affidavit provided by a qualified person, member of the Scientific and Technical Chamber of Cyprus (ETEK).

It is strongly recommended that each owner to submit the said notice prior to the above deadline, even if at this stage he/she is not certain whether the irregularities satisfy the conditions of the Planning Amnesty Amendments. The said statement is the KEY for an owner/purchaser to proceed later on with an application to legalize the irregularities (this does not apply to persons submitting, directly, an application for planning permit (instead of a statement of intent) to the Planning Authority until October 7, 2011, or those who have already submitted an application to the Building Authority for a certificate of approval and have not yet been informed of the Authority’s decision).

The Planning Amnesty Amendments enable the legalization of only specific type, nature, scale and significance irregularities on existing buildings under certain conditions, the most important of which is the existence of a relevant planning permit and/ or building permit for the development, even if the planning permit and/ or building permit have expired.

The scale and significance of the irregularities that can be legalised are defined by the provisions of the law. Not any irregularity, irrespective of its scale, can be legalised. In cases of irregularities of a very severe nature, the Building Authority is empowered to issue a certificate of unauthorized works, requiring the Department of Lands and Surveys to register a note on the title, prohibiting the transfer of the property to another person.

For example the provisions of the law can apply where there is an increase of the approved plot ratio (of the building or the individual unit) up to 30% of the approved covered area, of which only 10% could be allocated outside the approved shell of the building, differences in the approved general layout of the development etc. In such cases compensation levy will be imposed on the owner or purchaser, which will be equivalent to the market value of the area in excess. These values will be determined on the basis of general estimates carried out by the Department of Land and Surveys, which will be published by an Order of the Minister of the Interior. A 20% discount on the compensation levy is set for all applications submitted within the first year period, and a 10% discount for applications submitted within the second year of the implementation of the provisions of the law.

http://www.pirilides.com/en/cyprus/practices/property-law/10 - Cyprus Property Law

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. P

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Ilios 2 is situated in a newly flourishing residential area, conveniently close to the many amenities and services available in Kato Pafos, such as banks and supermarkets. Pafos' fishing port and the sandy municipality beach are both just a few minutes walk or cycle from this development, offering a further delightful array of cafes, restaurants and ice-cream parlours to choose from by the sea. <BR><BR>The Ilios 2 complex with a total of only 35 units comprising 12 apartments, 13 terraced houses and 10 semi-detached houses is in a similar style to the successful Iris Cottages and Ilios Cottages projects, where we invite you to view our show h

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

The project for the implementation of the new Ayia Napa Marina is expected to start in approximately 1-2 years from today. Soon, the consortium which has won the contest for the construction of the project, will engage into discussions with the Government of Cyprus for the signing of the final agreements. Upon signing of these agreements, the plans will have to be deposited which will demonstrate exactly what developments will be included in the Project i.e. yacht berths, construction of villas, houses and other buildings such as restaurants, etc.

Bank guarantees will be required by the Government so that the government can secure the fact that that companies which will undertake to implement the project have the necessary liquidity. As stated by the Mayor of Ayia Napa, ‘the Ayia Napa marina will positively affect this part of Cyprus and that Cyprus will be positively affected and will enjoy multiple benefits since the project will optimize the economic life of the Famagusta area, since new job positions will be opened and will be available and tourism development will be further enhanced’.

Another important project for the area of Ayia Napa is the creation of the Ayia Napa Forest Golf, planned to be implemented in the northern eastern part of Ayia Napa. The Golf course will not however contain a residential area.  This project will stretch in 430 acres of land.  The piece of land has been granted by the government for this development.

The project is expected to finish in 1-2 years approximately. The fact that there is not going to be any residential development of the land, means that the area will be wholly reserved and used for sports and also, time-consuming procedures for approval of planning permits and other bureaucratic procedures are automatically overcome. In the golf course, there will only be some cafeterias, and probably changing rooms for the athletes.

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Banks Operating in Cyprus

A. BANKS INCORPORATED IN CYPRUS

1. BANKS LISTED ON THE CYPRUS STOCK EXCHANGE

1. Bank of Cyprus Public Company Ltd
2. Marfin Popular Bank Public Co Ltd
3. Hellenic Bank Public Company Limited
4. USB Bank Plc

2. SUBSIDIARIES OF FOREIGN BANKS

1. Αlpha Bank Cyprus Ltd
2. BNP Paribas Cyprus Ltd
3. Emporiki Bank – Cyprus Limited
4. National Bank of Greece (Cyprus) Ltd
5. Russian Commercial Bank (Cyprus) Ltd
6. Societe Generale Bank-Cyprus Limited
7. Piraeus Bank (Cyprus) Ltd
8. Eurobank EFG Cyprus Ltd

3. OTHER BANKS

1. Co-operative Central Bank Ltd
2. The Cyprus Development Bank Public Company Limited
3. Housing Finance Corporation

Β. BRANCHES OF FOREIGN BANKS

1. BRANCHES OF BANKS OF EUROPEAN UNION COUNTRIES

1. Barclays Bank PLC
2. Banque SBA SA
3. First Investment Bank Ltd
4. Joint Stock Company “Trasta Komercbanka”
5. National Bank of Greece S.A.
6. Central Cooperative Bank PLC
7. Banca Transilvania S.A.
8. Joint Stock Company Akciju Komercbanka “Baltikums”
9. AS LTB Bank

2. BRANCHES OF BANKS OF COUNTRIES OTHER THAN EUROPEAN UNION

1. BankMed s.a.l.
2. Arab Jordan Investment Bank SA
3. BANQUE BEMO SAL
4. Bank of Beirut SAL
5. BBAC SAL
6. BLOM Bank SAL
7. Byblos Bank SAL
8. Credit Libanais SAL
9. FBME Bank Ltd
10. Open joint-stock company AvtoVAZbank
11. OJSC Promsvyazbank
12. Jordan Kuwait Bank PLC
13. Jordan Ahli Bank plc
14. Lebanon and Gulf Bank SAL
15. Privatbank Commercial Bank
16. IBL Bank sal

 C. REPRESENTATIVE OFFICES

Atlasmont Banka A.D.

Economic growth is usually associated with technological changes, changes which aim in minimizing costs and maximizing profits. Even if, the aforesaid proposition seems to be the norm, Cyprus enjoys both the privilege and the grace to attract investors and financiers who are able to appreciate the potential economic dynamics of the Cyprus economy. Cyprus has the privilege to be acknowledged as a respectable member of the International Real Estate Federation (“FIABCI”) which links thousands of real estate professionals worldwide from every discipline in the industry having as a major objective the eradication of borders between nations and the amplification of investments which will surely add to what many have named as “economic expansion”.

In May 2011 Cyprus had the opportunity to be the host of the FIABCI conference which was successfully held in Pafos. What became apparent and of course delighting, was the high interest to invest in the Cyprus market by foreign investors. Analysing the above proposition it seems obvious that one of the reasons that an investment might seem attractive in Cyprus is the high quality of legal and accounting services that can become available to any potential investor. In addition, the low tax rates compared with the Russian tax rates and the agility that is provided by the Cyprus legal system can be regarded as the main reason of attraction by foreign, especially Russian investors.

In immediate aftermath of the FIABCI conference many Russian investors stayed for about a week in Pafos and performed a detailed economic analysis on the subjects analysed in the FIABCI conference. This can be also translated as a strategic movement by those investors aiming in identifying there next project. Moreover according to the Dinos Michaillides, the Cypriot President of FIABCI department in Cyprus, many multi-million projects are under consideration and due to commence within the near future.

This is also supported by the leading man in FIABCI Alexander Romanenco who has stated that he expects a big Russian wave of investment in Cyprus as Cyprus is currently regarded as having the dynamics to gear profits and create prosperity both to the local market but also to an investor who is willing and ready to invest within the solid economy of Cyprus.

Angelos Onisiforou

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Karayiannas Developers in Cyprus, Christoforos Karayiannas & Son Ltd construct Cyprus property, apartments, bungalows and in Frenaros, Ayia Napa, Vrysoulles and Paralimni.

Karayiannas Developeres in Cyprus Sotira Lake villas in the Famagusta district of Cyprus – video by Karayiannas Developers in ParalimniCyprus. Cyprus property – Karayiannas developers are producing videos about Cyprus. Karayiannas property developers are Cyprus property developers with offices in Paralimni located in the Famagusta district of Cyprus. As Cyprus developers we develop all types of property in Cyprus. Find out more about us:-      www.youtube.com/watch?v=ZEfuIit9Qxw www.youtube.com/watch?v=rNKdAs1Ft8M www.youtube.com/watch?v=TKdtrJ2M7ME www.cyprusdevelopers.com/karayiannas-developers www.propertytorentcyprus.com/christoforos-karayiannas-son-ltd.html www.youtube.com/watch?v=etDGPnScS18 www.youtube.com/watch?v=wHudCcRmoJ8 www.youtube.com/watch?v=Gj_MjXSlzS4 www.youtube.com/watch?v=0PSVjQ8Q2yg www.cyprusapartments.org/category/karayiannas/ www.apartmentsfamagusta.com www.apartmentsparalimni.com www.cypruspropertyfinders.com/category/karayiannas-in-cyprus/ cypruspropertydeals.com/category/karayiannas-in-cyprus/ www.housesparalimni.com www.housesfamagusta.com www.propertycyprus.biz/category/karayiannas/ www.cypruspropertylistings.com/category/karayiannas-developers

Karayiannas Developers in Cyprus, Christoforos Karayiannas & Son Ltd construct Cyprus property, apartments, bungalows and in Frenaros, Ayia Napa, Vrysoulles and Paralimni. -

Karayiannas Cyprus Paralimni Properties - Paralimni video by Karayiannas Developers – Paralimni is a popular destination in Cyprus, it is close to Ayia Napa and Protaras in the Famagusta district of Cyprus Karayiannas Developers are based in Paralimni.Cyprus property – Karayiannas developers are producing videos about Cyprus. Karayiannas property developers are Cyprus property developers with offices in Paralimni located in the Famagusta district of Cyprus. As Cyprus developers we develop all types of property in Cyprus. Find out more about us:- www.karayiannas.com.cy And our Blog www.karayiannas.co.uk King Menelaous Project – www.karayiannashome.com Stone Meadows – www.karayiannas.net Alonia Villas Project – www.karayiannas.com Villa Anna Project – www.karayiannas.biz Andriani Gardens Project – www.karayiannas-andrianigardens.com and www.karayiannas.info www.karayiannasprotaras.co.uk Long Video

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Iris Village is a Mediterranean style village development situated in a smart new residential area of Pafos. The location is ideal for those seeking a gentler pace of life near the warm waters of the Mediterranean Sea with its many nearby blue-flag sandy beaches, as well as being conveniently close to the amenities of Pafos town.<BR><BR>Iris Village comprises apartments and houses in private landscaped grounds, all enjoying access to a large residents' swimming pool. <BR><BR>Apartments enjoy a luxury entrance foyer and an elevator serving all

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Situated on the outskirts of Konia Village, Vastades Plots maintain an elevated position with views to the Pafos coastline.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Majestically situated on the hilltop overlooking Pafos, these large plots in Tsada command spectacular panoramic views of Pafos town and coastline. This coveted location offers the very best views in the Pafos region stretching across the town and sea to the horizon by day and offer a bejewelled spectacular scene at night.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. The exclusive Tremithousa Chorio development is located in the hillside village of Tremithousa and comprises 10 detached villas and sea view apartments. Villas are set in a private cul-de-sac, accessed only by residents, and stylish apartments are positioned within two low-rise buildings. <BR><BR>Villas feature charming Mediterranean design details, with gently pitched tiled roofs, and enjoy first floor balconies boasting breathtaking seaviews. These villas are ideally suited to entertaining al fresco, with patio doors leading onto verandas and large paved poolside areas with seaviews surrounding the private overflow pools of various designs. Each villa has a large secluded private garden with designated private car parking sp

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Perfectly situated in the heart of Limassol by the sea, The Emerald combines the very best of modern architecture with luxury finishes and a prime location. These well appointed apartments offer urban living at its best. <BR> <BR>These prestigious apartments are set on a prominent plot within minutes walk of Limassol's main seaside promenade. This unique area offers views to the Promenade and Mediterranean sea and further views over the Limassol skyline to the Troodos Mountains. Additionally, this sought after area has some of the best shopping on the doors

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Tala SeaView is situated in the picturesque village of Tala, within close proximity of the St Neofytos Monastery. The area is rural, hence benefits from tranquility, surrounded by indigenous carob trees and other traditional Cypriot flora. The development enjoys magnificent uninterrupted views of both the surrounding countryside and the Mediterranean coastline.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. Tala Chorio 2 is located in an elevated position within minutes walking distance of the picturesque hillside village of Tala. From here you can truly savour some breathtaking mountain and Mediterranean Sea views. The large residents' swimming pool with poolside patio area overlooks landscaped gardens and offers owners a fabulous Mediterranean ambience, ideal for relaxation either on the sunbed or in its sparkling blue warm waters. Unique architectural domed roof features lend Mediterranean style and character to these properties.

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*

Published by Pafilia Cyprus Property Developers Paphos and Limassol Property and Real Estate Developers. S

Email me:  I am interested in: Villas Apartments Land in Cyprus Greece  My budget is: 100,000 Euro 150,000 Euro 200,000 Euro 250,000 Euro 350,000 Euro 450,000 Euro 500,000 Euro 750,000 Euro 1,000,000 Euro 1,500,000 Euro 2,000,000 Euro 3,000,000 Euro 4,000,000 Euro  My email address is:*  Name:*  Tel or mobile No:*